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The Supreme Court concluded its term by granting President Trump broader authority over the federal bureaucracy than any modern president has held, while simultaneously blocking two of his most market-sensitive ambitions: sweeping emergency tariff powers and direct control over the Federal Reserve.
The twin defeats leave investors and businesses navigating a White House with a freer hand over most regulatory agencies but constrained at the two levers most likely to move markets.
Court Blocks IEEPA Tariffs and Fed Firing The court ruled that Trump could not use the International Emergency Economic Powers Act to impose wide-ranging tariffs, striking down one of his fastest and most expansive trade tools.
In a separate but related action the same term, the court denied the administration's bid to immediately remove Federal Reserve governor Lisa Cook, upholding Congress's requirement that the president clear legal and procedural hurdles before ousting a sitting Fed official.
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